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The Soldo Story
A company on a rapid growth trajectory thanks to an EU e-money license, Soldo was seeking expansion into four new markets, but to do this it needed to boost regulatory compliance, improve match rates, and enhance the way it onboarded and screened customers.
Soldo started out with W2's eKYC solution to deliver an efficient and compliant onboarding journey that would maximise growth by screening more customers faster. But they quickly expanded their use of W2 to incorporate AML checks (including PEPs and sanctions), salacious names and address lookup.
“Through our partnership with W2 we’ve built a scalable self-service onboarding solution. The broad access to data empowers instant approval of applicants and delivers the high level of regulatory oversight needed to support our entry into new markets,” explains Darren Upson, VP Small Business at Soldo.
Thanks to W2's failover functionality, Soldo increased match rates from 73% to 93%, and with advanced screening not only are they onboarding more customers, faster, but they're only onboarding legitimate and safe businesses who represent no harm to their business. This in turn leaves the Soldo team free to focus on growing their business.
“W2’s ‘can do’ attitude is a godsend,” concludes Darren. “Technology aside, they’re a highly professional team that supports our growth, and their nimble approach means they’re always responsive to our needs. They will continue to be our chosen provider of regulatory compliance software.”
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